| Link(s): https://www.fca.org.uk/publication/correspondence/letter-ombudsman-sheldon-mills.pdf https://www.fca.org.uk/publication/correspondence/letter-sheldon-mills-ombudsman.pdf |
Context
The FCA has published correspondence with the Financial Ombudsman Service (FOS) on providing additional clarity for firms on the approach FOS is taking in the assessment of complaints relating to the range of targeted temporary measures which were introduced to help consumers who may be facing significant financial difficulties in the exceptional circumstances arising from the coronavirus pandemic.
Key points to note
- FOS has confirmed it will continue to take account of the FCA’s revised expectations of what constitutes compliance with FCA rules, guidance and standards, as well as good industry practice at this time. This includes guidance and statements of regulatory forbearance which gives firms additional flexibility to help them deal with difficult conditions.
- This confirmation was in response to a request from the FCA to FOS that FOS could confirm, in determining what is fair and reasonable in all the circumstances of the individual case, it will continue to take account of the operational challenges faced by firms during this period, and the FCA’s revised expectations of what constitutes compliance with FCA rules, guidance and standards, as well as what counted as good industry practice at the time.